💰 Morgan Stanley Books $M Revel Loss - TheStreet

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FOUR ATLANTIC CITY CASINOS have closed this year—another is expected to be Morgan Stanley bet big on Revel, investing $ billion.


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Morgan Stanley sells stake in Atlantic City's Revel Casino - WHYY
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Revel Resort in Atlantic City, Already Abandoned by Morgan Stanley, to Close - The New York Times
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FOUR ATLANTIC CITY CASINOS have closed this year—another is expected to be Morgan Stanley bet big on Revel, investing $ billion.


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How Odds of Success Got Longer for Morgan Stanley's Casino Plan into the construction of the 1,room Revel casino in Atlantic City.


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How Odds of Success Got Longer for Morgan Stanley's Casino Plan into the construction of the 1,room Revel casino in Atlantic City.


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The decision to shut down the Revel resort in Atlantic City also comes more than four years after Morgan Stanley, the original backer, walked.


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Morgan Stanley bought some AC land for $70 million to develop and chose Kevin DeSanctis to plan the casino. It seemed a logical choice.


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The Revel casino, which was supposed to revive Atlantic City, forces Morgan Stanley to take a $ million loss.


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Former financial backer of Revel Casino, Morgan Stanley, has sold its stake in the casino project to the investor group led by Revel.


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The $ billion Revel Casino and Resorts made headlines recently when Beyonce Knowles gave a series of performances there during May.


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But looming next week is a demand from New Jersey casino regulators that top Morgan Stanley officials submit voluminous personal and financial information to enable the state to determine if they would qualify to hold a casino license. Revel ran out of money in January , laid off workers and stopped work on all but the exterior of the project until it could find money to do the inside. The casino and its 2,room hotel are widely seen as crucial to Atlantic City's efforts to compete with slots parlors in neighboring states, which soon will offer table games that threaten to further erode New Jersey's one-time monopoly on East Coast gambling. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Chris Christie contemplates signing bill affecting Revel casino tax break. By The Associated Press.{/INSERTKEYS}{/PARAGRAPH} Related coverage:. All rights reserved About Us. Securities and Exchange Commission, Morgan Stanley said it will seek to sell or auction off the project. The filing said the company's directors on Wednesday "authorized management to proceed with a plan of disposal for Revel Entertainment Group, LLC," a subsidiary of Morgan Stanley. Ad Choices. {PARAGRAPH}{INSERTKEYS}The company, which owns more than 90 percent of the ocean-themed casino-hotel project on the Boardwalk, did not list a reason for abandoning the project. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. Community Rules apply to all content you upload or otherwise submit to this site. In a filing with the U.